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Sunday, 28 June 2009

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Laugfs to expand business in N and E

W. K. H. Wegapitiya

Laugfs Holdings Ltd., will expand its lubricant business in the Northern and Eastern provinces shortly with the aim to build trade links with the south, said Chairman, Laugfs Holdings Ltd., W. K. H. Wegapitiya.

He said a visit will be made early next month to identify locations and carry out feasibility studies to launch operations.

The company will be investing in lubricant, LPG and leisure markets based on the feasibility reports on opportunities to expand businesses", Wegapitiya said.

"Laugfs which has a 30 percent market share in the LPG sector will expand the market in the North and the East. Service stations will be set up for the lubricant market in the two provinces", he said.

The end to the war has placed the country in a unique position to develop all key sectors of the economy and achieve prosperity.

"No country in the region today has a peaceful and free environment to implement development activities. Sri Lanka's strategic location and the peaceful environment should be used to the maximum to enhance trade, develop tourism, agriculture and industries", Wegapitiya said.

"Laugfs will construct a hotel in the Eastern province as the tourism industry is expected to revive following the achievement of peace in the country. The company has invested Rs. 500 million to construct a luxury hotel in Chilaw. Work on this project will commence by the end of the year", he said. Wegapitiya said the lubricant market in Australia has not grown as expected due to the impact of the global financial crisis. Laugfs set up its first overseas lubricant market last year in Australia.

 

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